How To Buy Cryptocurrency- The Basics

How and where do you buy Cryptocurrency? This is a question that comes up a lot. Bitcoin and Cryptocurrencies have been around since 2009. And it’s slowly becoming more mainstream. But yet many people struggle to find out how and where to buy their Cryptocurrency. Let’s take a look at how you can buy your Cryptocurrency.

How To Buy Cryptocurrency:

Buying Cryptocurrency may seem very simple to some of you reading this. However, it’s not as easy as you might think. There are now thousands of Cryptocurrencies in existence. Yet despite this, you can only buy a handful of these Cryptocurrencies with your debit or credit cards. This means you have to buy one of the few coins you can buy with fiat currency first.

Then once you have one of these currencies you can look to buy your chosen alt-coin.

Places such as Coinbase allow you to buy coins like Bitcoin, Ethereum, Ethereum classic and Bitcoin Cash with your fiat currency. Also, with bitcoin debit card providers like Wirex, you can buy directly from your bank too. Depending on where you are in the world you may be prevented from using the services above. If that’s the case you can simply google it and check out some of the alternate ways to buy your coins with fiat currency locally. If you want to buy a Cryptocurrency that’s not available to buy using one of these methods you’ll need to use an exchange.

How To Buy Cryptocurrency – Exchanges:

Once you have your Bitcoin, Ethereum or one of the other coins available for purchase with fiat currency to buy other Crypto’s you’ll need to use an exchange to get them. Some of the more popular exchanges include Binance and KuCoin but there are plenty of them to choose from.

You’ll need to register for an account. Many also require you to prove your identity before you can start trading. However, once you’ve done all that you simply send your Bitcoin, Ethereum etc to the exchange. Deposit times can vary from exchange to exchange. Also, the speed of your deposits can depend on which currency you’re sending as well.

Once you’ve deposited it’s pretty simple. Different exchanges have different user interfaces but essentially the action is the same. You sell your BTC, ETH, BCH or ETC for the Cryptocurrency you wish to buy and then you’re all set. you can then either start trading or HODL your coins to the moon!

I have added a screenshot below of how you do it on Binance. Again it’s really simple. You input the price you want to pay per coin and the amount you want to buy. This will buy your chosen coin (VET in this example) and deduct the amount of Bitcoin from your balance.

Word Of Warning

Whether you’re planning on using exchanges to buy or to trade Cryptocurrency be aware that they are not safe for holding your coins long term. Exchanges are often targeted by hackers. For Hodlers it’s advisable to store your coins safely in a vault or a Ledger Nano for safe keeping. if you’re a trader be sure to take proper security precautions and set up 2FA on your account as a minimum.

For more from us at the Low Cap Crypto team check out some of our basics of Cryptocurrency section here.